23rd Apr 2018 09:57
LONDON (Alliance News) - Investment firm HgCapital Trust PLC said on Monday it has agreed to sell healthcare workforce management software provider Allocate Software to Vista Equity Partners for GBP19.9 million.
The trust first acquired Allocate at the end of 2014 through a public-to-private transaction from the London Stock Exchange. Since then Allocate has increased its employment numbers, and now has 500 people, up from 300, as well as geographically expanding to facilitate the roll-out of Optima in France, Germany, Spain and Denmark.
The sale of Allocate Software reflects the fifth realisation from HgCapital's Mercury 1 Fund to date, which in aggregate delivered realised returns of 3.2x and a gross internalised rate of return at 46%.
"We have been delighted to partner with all of the team at Allocate over the last 3 years. Together we have built a leader in its sector and, working with an impressive management team, we have improved the operational performance of Allocate across every metric. We wish Sati and the management team well as they partner with Vista for their next phase of growth," said Partner David Issott.
Shares in HgCapital Trust were down 1.1% at 1,810.00 pence on Monday.
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